• Change of culture needed

    The right leadership will help SA shed its culture of violence, says Mandi Smallhorne.

  • 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

Loading...
See More

RMB shake-up on cards?

Mar 20 2009 16:29 Marc Ashton

Related Articles

Lifting the lid on futures

RMB to expand Africa footprint

 

Johannesburg - Rand Merchant Bank (RMB) has announced that Remgro CEO Thys Visser will join its board of directors in a non-executive capacity - a move that may signal a shake-up at the bank.

Remgro holds approximately 26% in RMB.

"It's no secret that Paul Harris [CEO of RMB parent FirstRand] is not happy about the Dealstream debacle and the off-shore trading losses," said a market commentator.

Rand Merchant Bank, the investment banking, private equity and trading operation in the FirstRand banking group's stable, has been in the news the past year after reporting major offshore trading losses.

In late 2008, derivatives trading firm Dealstream was forced to default on about R1bn worth of open positions and RMB - which was the counterparty to the transaction - took on the shares. This ultimately left the bank with large stakes in mining firm Simmers & Jack and Vox Telecom.

The bank is pursuing legal action against Dealstream and its founder Russell Leigh, who fled the country shortly before his company was forced into default.

On top of this, when the company reported its full-year financial results in October 2008 its equity trading division showed a loss of R1.4bn, mainly on the back of offshore trading activities.

Visser had previously been appointed to the board of Rainbow Chicken, another Remgro investment, which he restructured and turned around.

A market commentator said: "Boy, did the feathers fly there."

Visser's appointment is effective from April 1 2009.

RMB was trading down 0.4% (8c) to 1 994c in late trade on Friday.

Fin24.com

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

20 self-made teenage millionaires

From selling lemonade to building webpages, these young entrepreneurs made a pretty fortune!

 
 

Luxury living

Top 10 richest musicians of all time
10 most expensive cars In the world
10 of the most expensive things that will leave your jaw hanging!
Seven of the most expensive children's toys ever made

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote

Loading...